Paddy Power ups dividend after 22 per cent rise in net revenue

Paddy Power, which provides sports betting services, has posted a 22 per cent rise in net revenue, with growth in every division. Profit before tax for the period rose 12% to €77.0m (2012 H1: €68.7m) on net revenue of €379.8m (2012 H1: €311.2m). The amount staked by customers rose from €2.7bn to €3.1bn year-on-year. The figures prompted a 15% increase in the dividend to 45.0 cents per share.Despite experiencing a half year that had "more highs and lows than Lindsay Lohan on a week-long bender", the group said the outcome highlighted the benefits of its geographic and channel diversity. "Paddy Power had a very good first half," Patrick Kennedy, the company's Chief Executive, said. "Revenues increased in every division with very strong growth of 29% in online, which delivered over three quarters of group profit. The excellent performance of our Australian business was a particular highlight. Almost two thirds of the group's online sportsbook customers now transact with us via mobile and this continues to grow." Looking ahead, he added: "The second half of the year has started very well from a turnover point of view with sportsbook stakes up 25% in online and 4% in retail on a like-for like basis. Despite very poor recent sports results, we are on track to achieve low to mid double digit operating profit growth in constant currency in 2013. "Currency translation headwinds if maintained at current levels for the full year would lower this constant currency year-on-year profit growth by 4%. The board is confident of the group's prospects for the balance of the year and beyond."NR